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Haldia Petrochemical to spin off Butene 1 venture

December 16/2011

(Plastemart) -- Management of Haldia Petrochemicals plans to hive off the proposed Butene-1 extraction plant into a wholly-owned subsidiary, to insulate it from any logjam that HPL may get caught into due to the ongoing ownership dispute, as per The Hindu.

Haldia Petrochemical to spin off Butene 1 venture The board of directors, at its meeting on December 12, has okayed the financing of the project, which is expected to boost the company's profitability by Rs.80 crore annually.

Profitability of the 25,000 tpa capacity project stemmed from the fact that with this extraction plant it would be possible to sell a portion of the high-value commodity outside. As of now, it was being used sub-optimally to part feed the polyethylene plant.

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